They are most likely also childless. When you have young children, your demand for fancy restaurants, artisanal coffee roasters and visiting local microbreweries diminishes, as there are now more things that occupy your time and attention, and are not very conducive for above-mentioned entertainment venues. The trend of delayed or foregone childbearing is also contributing to increase in interest in urban life.
With very few exceptions, most of my cohort who went to NYC after graduation to work in finance moved to a suburban bedroom community around the time they had kids--or at least by the time the kids were going to need school. The alternative as they saw it was to upgrade their expensive Manhattan apartment or condo and to enroll their kid in an expensive private school.
I think I know one couple who stayed in the city and they were very well off.
>>The alternative as they saw it was to upgrade their expensive Manhattan apartment or condo and to enroll their kid in an expensive private school.
Those that might have been thinking of enrolling their children in private schools can do so more affordably outside of NYC. As an example, most top tier private school base tuition in the city is around $55K/year/child (not including "suggested donations") while most great private schools outside of the city are sub-$30K/year/child.
>>I think I know one couple who stayed in the city and they were very well off.
Public school is an option too, as long as one can navigate the byzantine DOE processes. From a housing/apartment perspective, if more people flee the city then there is a delicate balance where prices may come down for families to once again find them more affordable.
>When you have young children, your demand for... visiting local microbreweries diminishes, as there are now more things that occupy your time and attention
I totally agree and I'm sure the data supports it but before covid every brewery in Austin was packed with families. I actually stopped visiting many during the weekends because there would be dozens of loud kids with tired and defeated parents drinking nearby. It was annoying.
Austin is the kind of city that families move to after having kids. A microbrewery in Austin most likely has minivan parking and stacks of kids' high chairs.
If kids really annoy you that much, you might be the perfect candidate for moving to a city where having kids is actually difficult or expensive.
